Podcast Summary
Busy Entrepreneur Harpreet Faces Marketing, HR, and Social Media Challenges: To grow a business, entrepreneurs must effectively market, manage resources, and utilize time for social media and other tasks.
Successful business owner Harpreet, despite his accomplishments, faces common challenges in marketing, human resources, and social media utilization. Harpreet's business, Atwell Wealth, has been operating for 18 years, but he hasn't actively marketed it. Instead, he's relied on radio shows for clients. He's also growing slowly due to limited staffing, and struggles to manage his time effectively for social media and other tasks. Harpreet aims to double his financial services turnover in the next year, but to do so, he may need to expand his team and fully let his property portfolio. Despite his wealth, he's considering downsizing his property portfolio to focus on growing his business. Overall, Harpreet's story highlights the importance of marketing, effective use of resources, and time management for business growth.
Expanding Business and Entrepreneurship Coaching: Business owner aims for 30% profit, offers free trial to Entrepreneurs University for business growth, emphasizes outsourcing, and includes a property section.
The business owner discussed in the podcast aims to make a profit of 30% from his business, which he currently manages by handling high-level cases, managing managers, and dealing with admin and outsourcing. He is considering expanding his business and has a revenue of £180,000 per year. He is also offering a free trial to his Entrepreneurs University membership, which provides business coaching and resources for a monthly fee. The business owner is a strong believer in outsourcing tasks instead of hiring employees. He encourages listeners to check out his YouTube channel and consider joining his Entrepreneurs University for business growth. The podcast also mentions the addition of a property section in the Entrepreneurs University for those interested in building a property portfolio.
Connecting with Experts and Celebrities on Clubhouse: Users can engage in genuine interactions with world-class speakers and niche experts on Clubhouse, gaining valuable insights and knowledge.
Clubhouse is an engaging platform where users can access world-class speeches and niche conversations from experts and celebrities. The user shared an experience of connecting with Michael Jackson's bodyguard for over an hour, highlighting the unique opportunity for genuine interaction. Another user, Antoine, discussed building a successful property portfolio through smart investments and growth strategies, but also shared challenges like dealing with cannabis factories in his rentals. Inspiring stories of resilience and determination, like the user's own experience of building a 6-figure business during a pandemic, add to the platform's value. Overall, Clubhouse offers a refreshing and interactive space for learning, networking, and discovery.
Maintaining high-quality standards and considering downsizing or selling if necessary: Focus on top-tier properties, maintain high standards, consider diversification, and explore owning properties through a limited company or a mortgage for potential benefits.
Even if you start with a larger portfolio of properties, it's essential to maintain high-quality standards and consider downsizing or selling if necessary. The speaker shares an experience of unwanted involvement in unethical business deals but advises focusing on top-tier properties. He also emphasizes the importance of diversification in investment, such as commercial properties, and the benefits of owning properties through a limited company or a mortgage. Lastly, the speaker shares his personal motivation for engaging in financial services alongside landlord activities, as he enjoys helping people and finds it more rewarding than the repetitive nature of property management.
Transforming a property business from sole trader to a limited company: Selling a large portfolio to a professional buyer and using the proceeds to acquire a smaller, more manageable portfolio or focusing on capital growth can bring financial benefits through stamp duty savings and tax efficiencies.
Transforming a property business from sole trader to a limited company can bring significant financial benefits. This includes potential savings on stamp duty through multiple dwellings relief and tax efficiencies. By selling a large portfolio to a professional buyer and using the proceeds to acquire a smaller, more manageable portfolio or focusing on capital growth, individuals can set themselves and their families up financially for the future. It's essential to consider the long-term goals and whether managing the properties yourself can be sustainable or if selling and buying a more manageable portfolio is a better option. Additionally, clarifying financial figures, such as profits and turnovers, is crucial to ensure accurate understanding and decision-making.
Building a profitable business vs. profitable job: Transition from a profitable job to a profitable business by hiring, building a team, creating a strong culture, and preparing for UK regulations.
To build a successful and sustainable business, it's essential to move beyond a profitable job and aim for a profitable enterprise that can operate independently of the business owners. This involves hiring and building a team, creating a strong business culture, and ensuring that family members, if involved, undergo a proper interview process. The UK government's increasing regulations on self-employment and freelancers make it crucial to prepare for this transition by building a profitable business early on. This process takes time and dedication, but ultimately leads to a business that can be sold or passed on as an asset, rather than just a job.
Support children's unique aspirations: Encourage children to explore various opportunities and build skills for their personal growth and happiness, rather than insisting they inherit the family business.
It's essential for parents to encourage their children to discover their purpose in life and support them in their chosen paths, rather than insisting they inherit and run the family business. The world is changing, and people are seeking more freedom and personal fulfillment in their careers. While there are benefits to owning a family business, such as consistent income and building safe investments, it's crucial to consider each child's unique aspirations and strengths. Encouraging them to explore various opportunities and build their skills will lead to their overall growth and happiness. Ultimately, it's essential to create a balance between supporting the family business and nurturing individual passions and dreams.
Building a business as if it were for sale: Adopting a 'for sale' mindset can lead to better systems, processes, and investments, making your business more valuable and attractive to potential buyers.
Building a business as if it were for sale, even if you have no intention of selling it, can help you create a strong, successful enterprise. This mindset encourages you to put the right systems and processes in place, making your business more valuable and attractive to potential buyers. Additionally, investing in professional services, such as financial or marketing advisors, can lead to significant returns in the long run. It's essential to justify these investments and believe in their potential to pay off. Remember, the goal is to create a business that can thrive and grow independently, just like a well-oiled machine.
Effectively growing a business involves hiring and managing a team, generating new customers, and managing property investments: Hire the right people, understand turnover and profit aren't the same, and actively manage property investments for a successful business growth
Growing and scaling a business effectively involves employing a team and focusing on generating new customers, while delegating the customer management to your team members. Hiring the right people is crucial, but it's essential to understand that turnover and profit are not the same. Property investment can be a lucrative source of income, but it comes with risks and requires active management. The human element in hiring and managing employees is significant, and it's essential to find people who fit well with your business culture. The interview process should be thorough, and you should hire slowly and fire fast to ensure a good fit. Overcoming the fear of hiring and accepting that turnover and profit are not the same are crucial steps in growing a successful business. Additionally, consider using podcasts and writing articles to generate leads and expand your reach.
The Power of High-Value Clients and Continuous Learning: Focus on acquiring and retaining high-value clients, continuously learn from marketing experts and books/podcasts, and create personalized plans for long-term client relationships.
Acquiring and retaining a small number of high-value clients can significantly grow a business. The speaker emphasizes the importance of continuous learning through books and podcasts, especially those focused on marketing and customer acquisition. He also suggests reaching out to experts like James Burr for guidance in creating a top-tier podcast to generate leads. Harpreet, a wealth management expert, shares his approach to growing and protecting clients' wealth through personalized plans and long-term commitments. The speaker expresses admiration for Harpreet's expertise and encourages listeners to engage with him. Overall, the discussion highlights the importance of dedication, continuous learning, and effective client management in business success.
Engaging in podcast interviews for business growth: Podcast interviews offer opportunities to share expertise, promote business, expand network, and reach a large audience.
Participating in podcast interviews, like the Business Broadcast Podcast, can provide valuable opportunities for business owners. By applying on the podcast's website, you can engage in meaningful conversations with other business owners and promote your business to a large audience. This not only helps you share your expertise and experiences but also expands your network. The podcast, which aims to help people grow their businesses, encourages listeners to rate, review, and subscribe to support its mission. Harpreet from Atwell Wealth recently appeared on the show, and James Sinclair expressed gratitude for her participation. Remember, these conversations are rare and can lead to significant moments for your business.
